DAR ES SALAAM, June 10 -- THE Bank of Tanzania (BoT) yesterday introduced an Electronic Matching System (EMS) for the Interbank Foreign Exchange Market (IFEM), marking a significant step towards enhancing transparency and price discovery in the countrys foreign exchange market.

The digital platform, which automatically matches buy and sell orders in the wholesale foreign exchange market, is expected to replace manual negotiations and provide a more transparent and rule-based trading environment. BoTs Director of Financial Markets, Mr Emmnauel Akaro, said the system digitalisation is an important milestone in the ongoing reforms aimed at improving transparency, efficiency and credibility in the foreign exchange market.

“The platfor...